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Coalition of merchants urges Congress to keep debit reforms in place

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A diverse coalition of 407 big and small retailers is petitioning Congress not to repeal debit card reforms that were enacted in 2010. The coalition, which includes Iowa-based Casey’s General Stores, Fareway and Hy-Vee Inc., has signed on to a letter in opposition to H.R. 5465, a bill that would repeal the Durbin Amendment of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The merchants contend that reform opened the market by stopping the largest card companies, Visa and MasterCard, from paying banks to block competing card companies from carrying debit transactions. “As cornerstones in the business community,” wrote the retailers, “we are staunch supporters of free enterprise, and generally do not support any market intervention unless markets are not functioning efficiently. Credit- and debit-card acceptance is a prime example of a non-functioning marketplace.” The full letter and company list can be found here.